U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 24021 / December 26, 2017
Securities and Exchange Commission v. Anvil Partners, Inc., No. 17-Misc-318 (S.D.N.Y.)
Court Holds Registered Investment Adviser and Its Principal in Contempt for Failing to Comply with a Court Order Enforcing an SEC Investigative Subpoena
The Securities and Exchange Commission announced today that, on December 19, 2017, Judge Alison J. Nathan of the United States District Court for the Southern District of New York issued an order finding Anvil Partners, Inc., a Buffalo, New York investment adviser registered with the SEC, and its majority owner, president, and chief investment officer, Jeremy Beck, to be in civil contempt of court for failing to comply with the court’s prior order enforcing an SEC investigative subpoena directed to Anvil.
The SEC is investigating, among other things, whether Anvil materially overstated its assets under management in its public filings. On June 6, 2017, the SEC issued an investigative subpoena to Anvil requiring that it produce certain documents. However, Anvil failed to produce any documents or otherwise respond to the subpoena.
The SEC filed this subpoena enforcement action on August 21, 2017, and on September 21, 2017, the court entered an order requiring Anvil to comply with the SEC subpoena. Anvil failed to comply with the court’s order, and, after holding a hearing on December 19, 2017, the court held Anvil and Beck in civil contempt. The contempt order requires Anvil and Beck to reimburse the SEC the costs of serving them with court papers in this proceeding, imposes a $250 daily fine against both Anvil and Beck until Anvil complies with the subpoena enforcement order, and orders Beck’s arrest and appearance at a further January 10, 2018 hearing.
The SEC is continuing its fact-finding investigation and to date has not concluded that anyone has violated the securities laws.